转载与合作可联系证券时报小助理，微信ID：SecuritiesTimes 特朗普政府2025年上台后援引美国《国际紧急经济权力法》，以不经过国会批准、直接颁布 行政令的方式出台一系列加征关税措施。美国联邦最高法院此前宣布，将在本月9日就关税政 策合法性作出裁决。 此次最高法院的审理主要围绕两个核心议题展开：一是特朗普政府是否有权依据《国际紧急 经济权力法》（IEEPA）征收相关关税；二是若裁决该关税征收不合法，美国政府是否需要向 已缴纳关税的进口商退还税款。 美国财政部部长斯科特・贝森特此前在明尼阿波利斯的公开活动中强调："毫无疑问，我们有 能力维持大致相当水平的关税收入，但令人遗憾的是，若裁决不利，总统将失去利用关税获 取谈判筹码的灵活性，这对美国民众而言是种损失。"据悉，特朗普政府当初援引IEEPA征收 关税的部分原因，是将其作为阻止芬太尼流入美国的紧急措施。 值得关注的是，特朗普政府的关税政策实施至今，实际效果与部分分析师最初的预测存在差 异。数据显示，关税对美国通胀的影响有限，而贸易逆差却大幅下降——2025年10月美国贸 易失衡水平降至2009年金融危机结束以来的最低点。不过当时进口额的大幅下滑，与 ...

此外，2025年1月1日至12月31日，毛里塔尼亚关税收入达405亿乌吉亚，较预期增长66亿乌吉亚。据官 方统计，毛里塔尼亚2025年税收及关税收入较2024年增加103亿乌吉亚，关税收入为国家财政主要来 源。 2026年1月1日，毛里塔尼亚《消息报》报道称，毛里塔尼亚2025年税收收入达3529亿乌吉亚，首次超过 预期目标(3527亿乌吉亚)。据官方统计，毛里塔尼亚近三年税收征缴水平呈逐步上升态势。其中，2023 年税收目标为2629亿乌吉亚，实际税收收入2469亿乌吉亚，完成率93%；2024年税收目标为3279亿乌吉 亚，实际税收收入3188亿乌吉亚，完成率97%。 ...

Tariff revenue declined month-over-month for the first time since President Donald Trump imposed import taxes in April, according to Treasury Department data released on Wednesday. The government collected $30.75 billion in customs duties in November, down from $31.35 billion in October.Revenue Peaks Then FallsTariff collections rose to $15.6 billion in April after Trump's “Liberation Day” taxes and kept increasing each month through October.The November decline comes after the administration rolled back ta ...

与此同时，特朗普政府周三宣布，将对尼加拉瓜实施新一轮关税措施。由于调查认定尼加拉瓜存在"限 制美国商业活动"的人权问题，美国将依据贸易法301条款对该国进口商品加征关税，不属于中美洲自由 贸易协定(CAFTA-DR)范围的商品均将受到影响。 根据公告，美国将自2027年1月1日起对尼加拉瓜进口商品征收10%关税，并在2028年初提高至15%。这 将叠加今年早些时候已实施的18%基准关税，使得部分商品的实际税率显著上升。特朗普政府在调查期 间曾考虑将所有尼加拉瓜进口商品的关税统一提高至100%，但最终未采取这一极端措施。 智通财经APP获悉，美国财政部最新月度预算报告显示，美国11月经日历调整后的预算赤字为2780亿美 元，较上年同期小幅收窄16亿美元，降幅约6%。在当前财年最初两个月，美国累计赤字同比下降 16%，呈现一定改善势头。 报告显示，11月联邦政府收入同比大增14%，其中关税收入的增长最为突出。单月关税收入达到320亿 美元，高于10月的310亿美元，也显著高于此前三个月均值290亿美元。自特朗普政府将美国关税提升至 约一个世纪以来的最高水平后，关税已成为财政收入的重要支撑来源。 财政部长贝森特此前 ...

万神殿宏观经济学研究公司认为，中美关系是导致AETR低于预期的首要因素。与中国贸易活动的锐 减，导致税基萎缩。第二个因素是《美国-墨西哥-加拿大协定》合规程度超出预期。加墨两国企业目前 十分注重证明其产品符合原产地规则。这打乱了白宫基于以往较低合规水平所作的估算。第三个因素是 今年免税商品进口激增，主要包括个人电脑和用于人工智能的先进芯片。这类产品目前占美国总进口额 的9%，远高于2024年的4%。（陈欣） 【环球时报综合报道】美国《财富》杂志1日报道称，英国万神殿宏观经济学研究公司最近的分析显 示，美关税收入远远低于白宫最初的预期，实际收入比预期少了约1000亿美元。美国财长贝森特8月曾 预测，关税将带来"超5000亿美元的收入，甚至可能达到1万亿美元的规模"，但截至11月25日的数据显 示，关税和消费税收入仅为4000亿美元。这种缺口是由于平均有效关税率（AETR）远低于预期。目 前，AETR的估计值仅为12%，远低于今年春天普遍预期的约20%。 ...

【市场要闻速递】 美国关税收入正以创纪录的速度增长。今年10月净关税收入飙升至314亿美元，刷新历史新高。这一规 模是去年同期73亿美元的四倍以上。按这一增速计算，年度关税收入将首次超过3000亿美元。 摘要全球最大黄金ETF--SPDRGoldTrust持仓报告显示，12月1日黄金etf持有量为1045.43吨，较上一交易 日持平。周一(12月1日)截止收盘，现货黄金报4229.27美元/盎司，涨幅1.73%，日内最高上探至4230.87 美元... 全球最大黄金ETF--SPDR Gold Trust持仓报告显示，12月1日黄金etf持有量为1050.01吨，较上一交易日 增加4.58吨。周一(12月1日)截止收盘，现货黄金报4230.33美元/盎司，涨幅0.03%，日内最高上探至 4264.28美元/盎司，最低触4205.33美元/盎司。 ...

Core Points - Trump's proposal aims to distribute $2,000 stimulus checks to American families funded by tariff revenues, intending to alleviate economic pressure on ordinary households [1][5] - The Senate opposes the plan, citing concerns over the already high national debt of $38 trillion and the lack of sufficient funds to support such large-scale spending [1][3][12] Group 1: Economic Implications - The plan is seen as a way to stimulate consumption and provide direct economic assistance, particularly for low- and middle-income families, while excluding high-income households [5][10] - There are concerns that distributing $2,000 checks could exacerbate inflation, potentially worsening the already strained economic situation [10][12] - Current tariff revenues are insufficient to fund the proposed $2,000 checks for 150 million Americans, raising questions about the feasibility of the plan [16] Group 2: Political Dynamics - The stimulus check proposal has become a focal point of political maneuvering between Democrats and Republicans, with Democrats potentially using it to gain electoral support [14] - The White House is exploring options to bypass Congress to implement the plan directly, indicating a willingness to navigate around legislative hurdles [15] - The political landscape surrounding the proposal is complex, with potential repercussions for the Republican Party if the plan fails to materialize [14]

Core Insights - The U.S. federal government collected $31 billion in tariff revenues in October, marking the highest monthly collection since the implementation of steep import taxes during the Trump administration [2][7] - The steady collection of tariff revenues is being considered as a potential funding source for proposed $2,000 stimulus checks for low- and middle-income Americans [4][5] - The government reported a $284 billion deficit in October, highlighting ongoing concerns about national debt despite rising tariff revenues [9][10] Tariff Revenue Collection - October's tariff revenue of $31 billion follows collections of $30 billion in the previous two months, indicating a consistent revenue stream since the introduction of reciprocal tariffs in August [3][7] - The total tariff collections for the fiscal year ending September 2024 reached $195 billion, significantly higher than the $77 billion collected in the prior fiscal year [3][7] Economic Implications - Economists estimate that the proposed $2,000 checks could cost around $300 billion if distributed to adults earning less than $100,000 annually, while ongoing tariff collections could potentially exceed this cost at a rate of approximately $360 billion per year [8][9] - If tariff collections maintain their current pace, they could cover the costs of the proposed checks by June 2026 [9] Legislative Considerations - There is pushback from some legislators regarding the use of tariff revenues for stimulus checks, with suggestions that these funds should first be directed towards reducing the national debt [10] - The proposal for stimulus checks is still under discussion, with some members of Congress open to examining the idea while others express skepticism [10] Future Expectations - President Trump anticipates an increase in tariff collections in the coming months as importers deplete stockpiles accumulated before tariffs were enacted [11] - The administration is exploring legislative pathways to implement the proposed stimulus checks, despite the challenges posed by the current budget deficit [10][11]

Group 1 - The U.S. Treasury Department reported a record high tariff revenue of $33 billion in October, a year-on-year increase of 316%, contributing to total revenue of $404 billion for the month, setting a new October record [1] - Despite the increase in revenue, government spending remained significantly higher, totaling $689 billion in October, leading to a net deficit of $284 billion, the largest October deficit on record [2] - The adjusted deficit for October, accounting for timing factors, was approximately $180 billion, a decrease of 29% compared to October 2024 [2] Group 2 - The increase in tariffs is linked to previous U.S. tariff policies and heightened trade tensions, resulting in higher payments from importing companies [1] - Interest payments reached $104 billion in October, marking a new high for the month, raising concerns about the sustainability of federal debt levels [2] - Treasury officials noted that while increased tariffs boost revenue, they may also compress corporate profits, potentially leading to reduced corporate tax revenues in the long term [2]

And it's a fresh read on the nation's fiscal health. The aforementioned Steve Leeman with those [music] headlines and could probably also talk about the Fed. Steve.Yeah, Brian. Thanks for that introduction. The Treasury uh reporting that the deficit hits an October record of 284 billion, but with a bunch of asterises.I think that's the plural. Expenses were boosted by a calendar change moving some stuff from uh uh into October from November of about $ 105 billion. So that's also an issue, but they were redu ...